An Ode to Nobel Laureate Amartya Sen

Amartya Sen is an economist cum philosopher. He is labeled as one of the greatest Bengali by the BBC’s poll of the greatest Bengali of all time (The Daily Star, 2004) and was awarded the Noble Memorial Prize in Economic Sciences in 1998 for having long-drawn-out the arena of welfare economics, which hunts for the […]

On the Importance of Handicrafts in an Economy

On the Importance of Handicrafts in an Economy

The term handicraft includes a wide range of articles. The informal sector which take account of handicrafts has been described by the International Labour Organisation (ILO) as a part of economic activity characterized by certain features like dependence on local available resources and skills, household or family ownership, small-scale set-ups, labour-intensive, non-scientific or traditional technology, […]

Understanding the Economics of Social Stratification

The population in a society is not only divided into groups but there is also stratification of the “ high” and the “low” among them. Even in the earliest societies, we find stratification on the basis of caste, creed, age, gender or position of the chief. With the development of civilization and culture, not only […]

Role of Marketing Channels

According to the American Marketing Association, ‘‘a channel of distribution or marketing channel is a structure of the intra-company organization, units and intra-company agents and dealers, wholesalers and retailers through which a commodity product or service is marketed.’’ Marketing channels are primarily concerned with the physical delivery of goods and services. Channels augment advertisement and […]

Significance of Self Help Groups in an Economy

Significance of Self Help Groups in an Economy

Self-help groups (SHG’s) are small and economically uniform compassionate groups of rural poor. They are formed with collective comforts and safety nets in order to achieve collective goals- particularly social and economic. These groups aim at conjoint help and assistance, saving a small amount of money regularly so as to meet their emergency needs and […]

Human Beings, the Study of Society and Sociology

Human Beings, the Study of Society and Sociology

At the beginning of the 19th century, a French scholar, August Comte, felt the requirement of a separate science which could effectively and satisfactorily study social phenomena and society on the basis of positive philosophies and canons, and could discover fundamental laws. In 1838, he coined the term sociology which is why he is called […]

Notes on the Productivity Improvements from Education

Total Factor Productivity (TFP) or we may also call it productivity (Y/L) is a very significant concept against the background of economic growth of a nation, especially developing countries. It contributes to industrial growth and brings competitive environment in the international market and refers to the rate at which employment is generated from the employed […]

On Beckernomics: A Tribute to Gary Becker

Gary Stanley Becker was an American economist cum sociologist and pragmatist. He is held to be the most significant social scientist in the past 50 years by the New York Times (Justin, 2014). Becker was awarded the Noble Memorial Prize in Economic Sciences in 1992 for having long-drawn-out the arena of microeconomic analysis to a […]